Indian pharmaceutical industry has reached a stage where biopharma can be the next big opportunity, Dr Uday Saxena, Co-founder and CEO, ReaGene Innovations, said while moderating a session at the recently concluded BioAsia 2022.

Dr Girish Krishnamurthy, CEO, Tata Medical and Diagnostics, was also of the same opinion. “I am very optimistic about the growth of the sector and the Covid-19 has unleashed a wave of indigenous innovations in India and the investment climate has also brightened. We should grab the opportunities and make the right move and invest accordingly,” Krishnamurthy said and added that India could be a powerhouse five years from now.

Adding a bit of caution, Virologist and Microbiologist Dr Gagandeep Kang, also a Professor, CMC Vellore, said, “We should recognize the threat and make the right investment in healthcare as many countries especially, those in the Far East, China and Korea are evolving much faster, in both the regulatory framework and also investment in basic science. She suggested to unleash the potential of an entrepreneurial India and give emphasis to quality.

India has over 5075 biotech startups and it is expected to reach 10,000 by 2025. India is among the top 12 destinations for biotechnology globally and 3rd largest biotechnology destination in the Asia Pacific region, according to Invest India.

Speaking from an academic perspective, Dr Vinay Nandicoori, Director, CSIR, CCMB said, “in the last ten years a lot more players have entered the biopharma space and we need to build a strong collaborative ecosystem involving academia and industry.” This synergy is missing and it needs to be restored.

The biopharma sector is forecast to reach US $ 150 billion by 2025, with a CAGR of 16.4%

The growth of the biopharma sector also rests on the contribution of the private sector and Dr Satakarni Makkapati, President and Head, Biologics, Aurobindo Pharma said, “There are three areas that we need to work on. One is research and innovation. Our success in developing an indigenous vaccine through private-public partnership can act as a template. Second, for the next six to seven years, we need to focus on gene therapy and complex formulations and make deep advances in biosimilars and finally, we need to invest in the diagnostics area and medical devices.”